(new: More information on the structure of the potential voting rights.)
FRANKFURT (dpa-AFX Broker) - The possible larger entry of British billionaire and investor Michael Ashley into Puma has boosted the shares of the sporting goods company on Thursday. Specifically, this concerns the sale of financial instruments (so-called short puts), which, upon maturity, would represent around 5.6 percent of Puma's voting rights. This information comes from a voting rights notification issued on Thursday. By early afternoon, Puma shares had risen by more than seven percent to €23.21. Since December, the stock has hovered around the €23 mark, sometimes with sharp swings in both directions.
By selling these put options, Ashley grants buyers the right to sell Puma shares to him should the stock fall below a predetermined price threshold. In return, as the so-called option writer in this transaction, he receives an option premium up front.
Ashley apparently expects that Puma shares will not lose much value or may even rise. According to a market participant, he could also be speculating on securing what he considers a favorable entry into Puma if the price drops below the agreed put threshold. Through other financial instruments, Ashley is currently attributed with 0.17 percent of Puma.
Ashley's Frasers Group is also known as an activist investor, often seeking to have a say in companies. The Frasers Group holds around 25 percent of fashion company Hugo Boss./mis/ag/bek/stk/men
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